IRS Transcripts or P@L?

[Anonymous]

Mortgage lender has a copy of my 2008 tax return that are complete, However i am self employed and always mail in to IRS on April 15 since i have to pay. Mortgage lender emailed me and said they had requested a copy of my IRS transcripts and noticed my taxes had not been sent in as yet. I explained to them i haven't sent them in because it's not the 15th of April yet.

They said it's a new law of some sort. and they need a copy of those transcripts OR a P@ L for 2009 to date. What is all of this and what can i do. I am suppose to close on April 16th. I am an independant insurance agent and don;t have or need a P@L statement. I am a one person company.  Please advise.

[Anonymous]

In order to qualify you are going to have to provide one or the other. Frankly, I'm surprised they will even take a P&L over a tax return. I too am self-employed and had to pay as well. I filed my taxes as soon as I could so I could get the mortgage process rolling.  Is there anyway you can file your taxes and pay to have it expedited? 

Also, P&L is not a big deal...do you use quickbooks or quicken or anything like that to track your income and expenses? If so, either of those program will let you run a P&L ledger and you can print it out and fax it in to them. May need to have your accountant look it over and certify it for you, but it's really not a big deal in the grand scheme of things. I mean, you have to give the banks some way to verify your income and in this day and age, they aren't going to let you get by without doing so. That's what got us into a great deal of this mortgage mess in the first place. 

Message Edited by UpUpUp on 04-04-2009 10:31 AM

[Anonymous]

If you want to wait until the 15th to pay, I think you can file now and just send the payment later (on the 15th.) Unless they want to see it paid, that would probably work for you.

[medicgrrl]

They are probably asking for the P&L because the new quarter has started.  They usually ask for your most recent quarterly P&L showing YTD.  Ask your LO but even if you file the tax return now the UW will most likely still want the P&L

[MattH]

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@Anonymous wrote:
If you want to wait until the 15th to pay, I think you can file now and just send the payment later (on the 15th.) Unless they want to see it paid, that would probably work for you.

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That is correct, one can file any time and pay by the 15th.  With e-file one can schedule an electronic payment at the time of filing.